First Port City Bank contributes to Memorial Hospital and Manor funds
Published 3:43 pm Tuesday, March 19, 2019
As part of the Georgia HEART Hospital Program, First Port City Bank is supplying $131, 207 dollars of financial support to Memorial Hospital and Manor.
The Georgia HEART Hospital Program, in conjunction with the Georgia Rural Hospital Tax Credit bill (State Bill 258), is helping rural and critical access hospitals increase their funding and their ability to provide for the health care needs of thousands of Georgians. For many years, due to demographic, economic, and health care industry challenges, Georgia’s rural hospitals have been facing a financial crisis.
First Port City Bank is a strong believer in its communities and in the power of giving back. “We have a great respect for Memorial Hospital and Manor and the changes that are occurring,” said Scott Ewing, President of FPCB. “They work tirelessly to provide quality healthcare to our community and we are pleased to know that our gift will help this organization to thrive. I am also appreciative to our FPCB directors who have participated in this program individually. “
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Memorial Hospital and Manor is grateful for the continued support through the Georgia Heart Program, “First Port City Bank leads our contributions from “C” Corporations and we are thankful for their vote of confidence,” says Jim Lambert, CEO.
The Georgia Rural Hospital Tax Credit enables Georgia businesses and taxpayers to redirect their Georgia income tax liability to help support these qualified hospitals. Through this rural hospital tax credit program, a “C” Corporation or trust shall be allowed a 100% Georgia income tax credit for contributions to rural hospitals equal to the amount of the contribution, or 75 percent of the corporation’s or trust’s income tax liability, whichever is less.
Additionally, the IRS recently issued guidance confirming that for federal income tax purposes, “C” corporations can deduct rural hospital tax credit contributions as ordinary and necessary business expenses.
If you would like more information as to how this program can be beneficial to your business, please contact Lauren Harrell at Memorial Hospital and Manor at 229.243.6115.